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Police estimate $2–3 million invested in GMCE pyramid scheme

Adam Naveed, Head of the Police Anti-Scam Centre, said that the number of individuals believed to have invested in the scheme stands at around 7,000.

19 June 2025
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The Maldives Police Service has estimated that between $2 million and $3 million may have been invested in the GMCE or GEMCUE scheme, which authorities have identified as a suspected pyramid operation.

Adam Naveed, Head of the Police Anti-Scam Centre, told Atoll Times that the number of individuals believed to have invested in the scheme stands at around 7,000.

“These are not financial transactions routed through the formal banking system, making it difficult to determine the exact amount invested,” Naveed said.

However, police estimate the total investment by individuals to be in the range of $2–3 million based on ongoing investigations and crypto wallet tracing efforts. “We know from the crypto tracing that there are millions in circulation linked to the scheme,” he added.

According to Naveed, many investors became involved in the GMCE scheme under the impression that it offered legitimate profit opportunities through a method called “grid trading.” He noted that most participants were unaware of the fraudulent nature of the scheme.

Police have confirmed that the operation has the characteristics of a Ponzi scheme. While the full structure of the scheme is still under investigation, the promoters have been identified. Naveed said that the promotional efforts have been led by one woman and six men, all of whom have been linked to the dissemination of the scheme locally.

Authorities have also confirmed that the GMCE scheme originated in the Maldives. Complaints have been received from individuals unable to withdraw their funds after investing.

Investigations are ongoing.

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